Surgent's Partnership and LLC Core Tax Issues From Formation Through Liquidation (PLTI)
Date/Time
11/13/2024
9:00 AM - 5:00 PM Central
Course Registration
Member: $279.00
Non-Member: $299.00
Credits
8 Credits
Event Type(s)
Webinars
Event Description
As staff members gain more experience, they are expected to take on more complex assignments with minimal supervision. This course is designed to be a steppingstone for staff interested in pursuing more advanced partnership and LLC issues than mere preparation. The material provides a deep life-cycle study into critical areas of formation, special allocations of income and deductions, basis calculations and implications of recourse and nonrecourse debt, basis step-up under §754 on tra¬nsfers of ownership interest, distributions, self-employment tax issues, and termination and liquidations of an LLC. With a blend of legal and tax ramifications regarding LLC-specific issues, this course identifies all the major areas that are potential sources of increased complexity.

Objectives:
  • Prepare complicated partnership returns
  • Understand certain advanced concepts of partnership taxation

Presenters:
Michael Frost, CPA

Field of Study:
Taxes (Technical) (8)

Major Topics:
  • Reporting requirements for Schedules K-2 and K-3
  • Capital account reporting requirements
  • Schedule K-1 reporting for §743 adjustments
  • Schedule K-1 reporting for §704 gains and losses
  • Comprehensive case on partnership/partner application of the business interest deduction
  • Section 704(b) basis versus tax basis for capital accounts
  • Detailed rules of §704 for preventing the shifting of tax consequences among partners or members
  • Unreasonable uses of the traditional and curative allocation methods
  • Layers of §704(c) allocations
  • Treatment of recourse versus nonrecourse debt basis
  • How to calculate basis limitations and the implications on each partner’s own tax return
  • How §179 limitations affect partnership/LLC basis
  • Regulations for handling basis step-ups under §754 elections and mandatory adjustments under §743 and §734 for partnerships that have not made a §754 election
  • Subsequent contributions of property with §754 adjusted basis to another partnership or corporation
  • Capital account adjustments in connection with admission of new members
  • Special allocations and substantial economic effect
  • LLCs and self-employment tax to members
  • Distributions – current or liquidating, cash or property, and the substituted basis rule
  • Termination and liquidation of an LLC
Location
Webinar
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